The Prime Minister Shri Narendra Modi will launch three ambitious Social Security Schemes pertaining to the insurance and pension sector on 9th May 2015 at Kolkata.
This would be a path breaking initiative towards providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of the subscriber. The two insurance schemes to be launched, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY would provide insurance cover in the unfortunate event of death by any cause/death or disability due to an accident respectively , whereas the pension scheme, Atal Pension Yojana (APY), would address old age income security needs. The convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life/accident insurance and old age income security products in the country.

Besides the launch function at Kolkatta, simultaneous launch functions of the Schemes will also be held at 116 locations in the Capital and other major centres of the different States and at District Headquarters. Chief Ministers and Union Ministers will attend the functions at various locations in the country. Senior Union Ministers including the Home Minister Shri Rajnath Singh (Lucknow), Finance Minister Shri Arun Jaitley (Mumbai), External Affairs Minister Smt. Sushma Swaraj (Bhopal), Urban Development and Parliamentary Affairs Minister Shri Venkaiah Naidu (Varanasi), Food, Consumer Affairs and Public Distribution Minister Shri Ramvilas Paswan(Patna), Road Transport and Highways Minister Shri Nitin Gadkari (Bhagalpur), Minister of State for Skill Development and Entrepreneurship(Independent Charge) Shri Rajiv Pratap Rudy (Delhi), Health and Family Welfare Minister Shri Jagat Prakash Nadda (Shimla), Minority Affairs Minister Smt. Najma Heptulla (Srinagar), Chemicals and Fertilizers Minister Shri Ananth Kumar (Bengaluru), Minister of State for Commerce and Industry (Independent Charge) Smt. Nirmala Sitharaman (Thiruvanthapuram), Agriculture Minister Shri Radhamohan Singh (Chennai), Minister of State for Power and Coal (Independent Charge) Shri Piyush Goyal (Coimbatore) and Minister of State for Minority and Parliamentary Affairs Shri Mukhtar Abbas Naqvi (Allahabad) will attend the launch functions among others at these locations.

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When Prime Minister Narendra Modi will launch ‘Beti Bachao Beti Padhao’ campaign at Panipat on January 22, he would also introduce an ambitious scheme ‘Sukanya Samruddhi Account’ to make girls financially empowered.

Modeled on the pattern of small savings schemes of the government, the Centre would offer high rate of interest for account holders under the new scheme. For the current financial year, this would work out to 9.1%. For the sake of simplicity, the manner of interest calculation would be similar to public provident fund (PPF).

Under the scheme, the account can be opened from the birth of the girl child till she attains the age of 10. A girl child who attained the age of 10 years, one year prior to notification, will also be eligible. The account can be opened by an amount of Rs 1,000 and in a financial year investment ceiling is Rs 1.5 lakh. The child can close the account earliest at the age of 21 years with option of keeping the account till marriage.

The exemption on investments made under the scheme will also be eligible for exemption under 80C of Income Tax Act, 1961.

To view Department of Economic Affairs OM No.2/3/2014.NS-II dated 20/01/2015 please Click Here.

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